Abu Dhabi Shares Advance to Month-High on Oil, Economic Data

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Abu Dhabi shares advanced to their highest in more than a month as Aabar Investments PJSC approved two joint ventures, oil gained and U.S. economic data indicated the recovery from recession is firm.

Aabar, the Abu Dhabi fund that’s the biggest shareholder in Daimler AG, increased the most in more than two weeks. Emirates Telecommunications Corp., the U.A.E.’s biggest phone company known as Etisalat, rose to the highest in more than three months. The ADX General Index advanced 1.1 percent to 2,759.15, the highest since Jan. 11. Oman’s MSM30 Index added 0.6 percent to 6,741.37, the highest since Oct. 12.

“The global backdrop is helping,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. “Overnight U.S. data shows that manufacturing is consistently firm, potentially positive for oil and oil markets as oil consumption should remain firm in 2010.”